Saudi Arabia said any extra oil from the OPEC+ cartel would do little to bring down surging natural-gas prices.

“We see our role as extremely limited,” Saudi Energy Minister Prince Abdulaziz bin Salman said during the CERAWeek India Energy Forum on Wednesday. “The issue is not the availability of crude oil. Even if we made it available in tons and tons, who’s going to burn it? Who is in need of it? And are they in need of crude or in need, for example, of gas?”

Gas and coal futures have reached all-time highs in recent weeks, owing to fuel shortages in most of Europe and Asia. Oil has climbed as some power generators switch to crude, but it has been less unpredictable, thanks in part to OPEC+'s commitment to consistent supply increases.

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According to Prince Abdulaziz, if the northern hemisphere's winter is colder than usual, oil demand might jump by 500,000 to 600,000 barrels per day. That equates to about 0.5 percent of global consumption.

Any additional increase in demand may be limited since many gas-fired generators cannot readily transition to oil, which is also a significantly dirtier fuel.

The Organization of Petroleum Exporting Countries (OPEC) and its allies, a 23-nation group led by Saudi Arabia and Russia, have promised to increase monthly supply by 400,000 barrels. Some big consumers, notably the US and Japan, have urged exporters to do more to reduce oil prices, which have risen by approximately 65% this year to more than $80 per barrel.

“The frustration is that I feel oil is being taken for a ride when the real issues are not being attended to,” the prince said.